Posted on: 22nd Sep, 2011 07:50 am
My mother wants to gift me her house , what are requirements and process ?
regards,
Kamran.
regards,
Kamran.
Hi tahmad!
Welcome to forums!
Your mother can use a gift deed in order to transfer the house to you. It will be better if your mother can contact a real estate attorney and get the gift deed drafted from him.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your mother can use a gift deed in order to transfer the house to you. It will be better if your mother can contact a real estate attorney and get the gift deed drafted from him.
Feel free to ask if you've further queries.
Sussane
Hello tahmad?
I just set you an example ...
Madz, who is on the brink of bankruptcy, executes a gift deed to his wife. Since there is no consideration and the apparent reason for the transfer was to remove the property from the reach of Abel creditors, the deed might not be valid. In other situations the gift deed would be upheld.
:idea:
I just set you an example ...
Madz, who is on the brink of bankruptcy, executes a gift deed to his wife. Since there is no consideration and the apparent reason for the transfer was to remove the property from the reach of Abel creditors, the deed might not be valid. In other situations the gift deed would be upheld.
:idea:
Only so much money per year is allowed to be gifted, and any amount over that is taxable. So it's best to review what you're doing with your Tax Adviser first.
